Michael K. Barry was named chief investment officer at Georgetown University, Washington, overseeing the school’s more than $1 billion endowment fund, confirmed spokeswoman Rachel Pugh.
Mr. Barry will begin later this month.
He replaces Larry Kochard, who left late last year to become CEO of the University of Virginia Investment Management Co., which oversees $4.6 billion in endowment assets for the University of Virginia, Charlottesville.
Mr. Barry was CIO of the $950 million University System of Maryland, Adelphi, Md., which handles investment of endowment and operating funds for 11 member universities and eight non-profit institutions in the state.
In a telephone interview, Leonard R. Raley, vice chancellor of the university system as well as president and CEO of the USM Foundation, said while there’s a good probability that Mr. Barry will be replaced, the university system and its investment committee are currently “exploring all of our options.”
Mr. Raley described that process as a simple matter of “stepping back” after Mr. Barry’s departure to review “what’s best” for the system. He said that review could yield conclusions in the coming weeks.
Mr. Barry did a “fantastic job” setting up Maryland’s investment operations over the past 8½ years, Mr. Raley said.
Executive recruiting firm David Barrett Partners assisted in the search for Mr. Barry.